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Economic ties ... key factor of developing Arab world - Kuwaiti official
May 3, 2017, 8:53 am
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Chairman of the Kuwait Chamber of Commerce and Industry Ali Al-Ghanim has stressed the importance of economic relations amongst Arab countries that play a key role in development of the Arab world.

Al-Ghanim made the statement to KUNA Tuesday on the conclusion of the Arab Economic Forum hosted by Lebanon, referring that Kuwait contributed to establishing the forum, which serves the cohesion of Arab economy.

Arab economic situation, especially after negative results of the so-called Arab Spring, forced several Arab countries to reconsider their economic policies, Al-Ghanim said.

The State of Kuwait has taken several measures, enacted laws, allowed to establish companies and signed agreements with some countries to reduce oil dependence, he said.

He referred to the Gulf efforts made in this respect, expressing his confidence that there are several fields for diversifying economy in GCC member states.

The event constitutes an opportunity for a number of Arab economists who play a key role in developing economy to share expertise, he said.

Meanwhile, Vice President of Council of Saudi Chambers Saleh Al-Afaliq told KUNA that oil price fluctuations are unlikely a main factor, which affects Arab economy, as prices witness a decrease and a rise through an economic course.

There are challenges like security risks, combating corruption and creating jobs in the Arab world, he stressed. Every Arab country seeks to solve its own problems, and all Arab countries, at the same time, work together to achieve Arab economic integration in order to form an economic unity in the face of world's countries, he said.

During today's discussions, the conferees focused on the current situations in the Arab region on economic, security and political levels, and their repercussions on the development march, and social, political and economic stability of the region's states.

It included three sessions in which a number of Arab economists, academics and media people took part. The first one discussed region's horizons amid economic and political crises, and their repercussions on political and economic levels, while the second session dealt with the economic vision and reform challenges as well as creating jobs.

The last one concentrated on Lebanon's economic challenges in the current period, and priorities and demands of reviving economy.

Source: KUNA

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